Coral Gables and Coconut Grove Luxury Condo Market Report Q4 2019

View the most up-to-date market reports.

CondoBlackBook's detailed analysis of annual data outlined in the Q4 2019 overall Miami luxury condo report revealed that 2019 closed with higher sales, higher prices, but higher days on market, and slightly higher inventory compared to 2018. With the metrics still largely in favor of buyers, data show that Coral Gables and Coconut Grove overall annual sales and prices dropped about 13% and 10%, respectively. Read on to see more annual numbers and how the Coconut Grove and Coral Gables luxury condo market fared over the last quarter of 2019.  

For the purpose of this Miami luxury condo market report, we've only featured properties priced $1 million and above.

Coral Gables and Coconut Grove Luxury Condo Market Yearly Summary:

  • Annual sales down 12.9%
  • Annual price per sq. ft. down to $558 - the lowest in Miami for luxury condos
  • Annual days on market higher in 2019 compared to 2018
  • Inventory still high at 28 months

Coral Gables and Coconut Grove Luxury Condo Market Q4 Highlights:

  • Year closes with positive 12-month sales trendline, indicates prospects for growth
  • Q4 year-over-year sales flat
  • Sales prices and price/sq. ft. fell year-over-year in Q4
  • Days on market declined year-over-year in Q4


Table of Contents

  1. Coral Gables & Coconut Grove Luxury Condo Sales Trends
  2. Coral Gables & Coconut Grove Luxury Condo Price Trends
  3. Coral Gables & Coconut Grove Luxury Condo Days on Market Trends
  4. Coral Gables & Coconut Grove Luxury Condo Inventory Trends
  5. Conclusion

Coral Gables and Coconut Grove Luxury Condo Market Yearly Summary - Fig. 1.1

Coral Gables and Coconut Grove Luxury Condo Market Yearly Summary - Fig. 1.1


Coral Gables and Coconut Grove Luxury Condo Market Quarterly Summary - Fig. 1.2

Coral Gables and Coconut Grove Luxury Condo Market Quarterly Summary - Fig. 1.2


Annual Luxury Condo Sales Down, Flat for Q419 YoY

Annual sales down, though 12-month trendline stays positive. Going against the overall market trend in Miami, Coral Gables and Coconut Grove's annual luxury condo sales declined 12.9% in this combined district when compared to 2018 (fig. 1.1). With Q1-Q3 2019 registering lower sales year-over-year, only an exceptionally good Q4 could have changed trends by year-end. Nonetheless, what's interesting to note is that 2019's annual sales were higher than the annual figures for 2015, 2016 and 2017 (fig. 2.1).

Tracing sales over the last 12 months, fig. 2.2 reports a positive trendline, showing that this combined market closed the year with good momentum, which could translate into better sales for the opening quarter of 2020.

Q419 sales flat year-over-year. Sales in Q4 2019 matched numbers from the same quarter last year. This was somewhat of a recovery after the first three quarters posted lower year-over-year sales compared to the same time 2018 (fig. 2.1). However, it's worth pointing out  that Q4 2019 reported the highest year-over-year sales in a fourth-quarter from 2015 to 2017.


Coral Gables & Coconut Grove Quarterly Sales Heatmap - Fig. 2.1

Coral Gables & Coconut Grove Quarterly Sales Heatmap - Fig. 2.1


Coral Gables & Coconut Grove 12-Month Sales with Trendline - Fig. 2.2

Coral Gables & Coconut Grove 12-Month Sales with Trendline - Fig. 2.2


Coral Gables & Coconut Grove Monthly Sales from Jan. 2016 to Dec. 2019 - Fig. 2.3

Coral Gables & Coconut Grove Monthly Sales from Jan. 2016 to Dec. 2019 - Fig. 2.3


Annual and Q4 YoY Luxury Condo Prices Down

Annual median price drops with price per sq. ft. falling to $558/sq. ft. Again, moving against the overall Miami luxury condo market trend of higher year-over-year prices, this combined district reports a 9.9% decline in its median sale price and 5.3% dip in price per sq. ft. (fig. 1.1). Closing the year with a median price of $558/sq. ft., down from $589/sq. ft. for 2018, this grouping reports the cheapest price per sq. ft. for luxury condos in Miami compared to Miami and the Beaches or the district of Greater Downtown, indicating this is an excellent opportunity for long-term buyers to enter this Miami submarket.

Q4 sales price and price per sq. ft. decline year-over-year. While the median price in the Grove and Gables fell 8.4% for the quarter year-over-year, the price per sq. ft. registered a steep 16.7% decline (fig. 1.2). Looking at a four-year snapshot of quarterly prices per sq. ft., it's worth noting that Q4 2019 closed with the lowest price since Q1 2017 (fig. 3.1).

Coral Gables & Coconut Grove Quarterly Price per Sq. Ft. 2016-2019 - Fig. 3.1

Coral Gables & Coconut Grove Quarterly Price per Sq. Ft. 2016-2019 - Fig. 3.1


Annual Days on Market Higher, Lower for Q4 YoY

Annual days on market trends higher. Increasing from a median of 83 days in 2018 to 90 days in 2019, luxury condos sat seven days longer on the market (fig. 1.1). This is in line with the overall Miami market trend. On an annual basis, the metric shows that buyers and sellers had a tough time reaching a consensus.

Decline in year-over-year days on market in Q4. Despite annual data, looking at the last quarter of the year, Coral Gables and Coconut Grove luxury condos spent 22 fewer days on the market compared to 2018, showing improved dialogue between buyers and sellers on a year-over-year basis (fig. 1.2).

Coral Gables & Coconut Grove Quarterly Days on Market 2018-2019 Heatmap – Fig. 4.1

Coral Gables & Coconut Grove Quarterly Days on Market 2018-2019 Heatmap – Fig. 4.1


Increase in Inventory Favors Buyers

Inventory up to 28 months. Slightly higher than September end's of 26 months, inventory levels for the Gables and Grove luxury condos posted an uptick for this combined neighborhood (fig. 5.1), in line with but lower than the overall Miami luxury condo market trend (Miami had 44 months of inventory in December). And, even though the metric is down from March's peak of 38 months, it has some way to go before reaching the ideal 9-12 months of a balanced market. So, buyers can continue enjoying the perks of lower prices and ample choices as they shop for Coral Gables or Coconut Grove condos for sale here.

A balanced market has only 9-12 months of inventory. The months of inventory are calculated as – no. of active listings + no. of pending listings divided by the average number of deals in the last 6 months.

*Starting March 2019, CondoBlackBook has only considered properties priced $1 million and upwards for our luxury condo study, instead of the previous $600K benchmark. This means, that while our historical data compares to condos priced $600K and higher, post March 2019, the numbers represent properties priced $1 million and higher only.

Coral Gables & Coconut Grove Months of Condo Inventory from Mar. 2017 to Dec. 2019 - Fig. 5.1

Coral Gables & Coconut Grove Months of Condo Inventory from Mar. 2017 to Dec. 2019 - Fig. 5.1


Conclusion

Collectively, the Coral Gables and Coconut Grove neighborhoods are seen deviating from the major trends of the overall luxury condo market in Miami. Annual sales volume as well as condo prices report a decline, whereas the overall market trends higher for these metrics. The 12-month sales trendline also keeps positive against the flat trendline of the overall Miami report. The only metrics to fall in line with the overall market trends are days on market and months of inventory, as they post increases.

Again, with more luxury condos sitting on the market, CondoBlackBook's data analysis continues favoring buyers in this market. But, just like we mention in our overall report, if buyers continue trickling in from high-tax states, prices are kept reasonable, inventory goes down at a faster pace with 2020 having a low cycle of deliveries, and buyers take the opportunity of having historically low mortgage rates as well as buying options, we should see signs of a corrective shift this year.

Love what you see? Don't forget to share our blog and subscribe (see the subscribe link on the top menu) to receive the latest Miami condo market news in your inbox.



Questions or comments about the stats? Want more info on Miami condos? Contact Sep at sniakan (at) hbroswell.com or call 305-725-0566.

Cover photo: Coral Gables Museum - Merrick Park, courtesy of MiamiAndBeaches.com
Contact Us
Founder, Condoblackbook.com & Owner/Broker, BlackBook Properties
(305) 697-7667
contact@condoblackbook.com
Request Info
By sending you agree to CondoBlackBook's Terms of Use

Your Miami Condo Awaits

Recent Posts

Introducing 501 First: Downtown Miami’s Latest Short-Term Rental Investment Opportunity
Real Estate News Introducing 501 First: Downtown Miami’s Latest Short-Term Rental Investment Opportunity
Miami is in the height of another renaissance, with more than 12 new condo building projects announced in the first six months of 2021 alone. One of these latest Miami new construction condo developments is 501 First in the heart of Downtown Miami.  Why should you know about Miami's 501 First? If you love luxury real estate in a bustling metropolis, then the upcoming 501 First condo development will be worth your attention, especially if you are looking for condo investment opportunities. Miami is one of the world’s most popular destinations, as well as an international travel hub. Condo and real estate investments that allow short-term rentals and Airbnb rentals are extremely popular in a city like Miami.  We have written a lot about Miami condos that allow short-term rentals, and 501 First is one of the latest opportunities, having just launched. In fact, the 40-story tower will have no rental restrictions, allowing for short-term rentals, daily rentals, etc., making it a lucrative...
Coconut Grove Development ‘Markers Grove Isle’ Rebrands as ‘Vita’
Real Estate News Coconut Grove Development ‘Markers Grove Isle’ Rebrands as ‘Vita’
Luxury condo development project Markers Grove Isle rebranded as Vita Residences this June, after lengthy legal issues. The rebrand is a signal the Coconut Grove condo project is moving ahead after years of being stalled, making it one of the most eagerly awaited new Miami condo development projects, and a long-awaited addition to an island where nothing has been built in several decades. Sitting on the 21-acre, private island, Vita represents boutique, luxury waterfront living on Coconut Grove’s Grove Isle – forward-thinking and unlike anything built before it. Developed by Grove Isle Associates, construction on this island property is expected to begin by early 2022. Vita Grove Isle Residences If you know anything about Grove Isle, you may be curious about the design of this mid-rise project and how it will blend with the other three towers on the island. The collection of 5-story buildings will be set hugging the island’s serene eastern shoreline in modern, curvilinear...
The Best Miami Neighborhoods: Key Biscayne vs Fisher Island
Real Estate News The Best Miami Neighborhoods: Key Biscayne vs Fisher Island
Two of Miami’s most private and exclusive neighborhoods are Key Biscayne and Fisher Island. These neighborhoods share a number of similarities, as both are affluent island communities separated from the mainland Miami Metro area. And each island is designed as a private enclave for Miami’s elite. But the two also differ in many ways, due to their locations, local lifestyle, and the communities that inhabit each location.   We’ve broken down details to compare Key Biscayne versus Fisher Island based on factors that can help you choose which of the two would be most suitable for you. Take a look. And don’t miss our other Miami neighborhood comparisons at the bottom of this article.  Lifestyle: Key Biscayne vs Fisher Island Key Biscayne is a comfortable residential neighborhood located on a small island that is connected to Mainland Miami by the Rickenbacker Causeway. Once you cross the causeway into Key Biscayne, you definitely feel the tranquility of being surrounded by water, and...
Miami Building Boom 2021: These are the 12 New Condo Development Projects Planned to Date
Real Estate News Miami Building Boom 2021: These are the 12 New Condo Development Projects Planned to Date
It’s a trend we’ve been talking about since the last quarter of 2020 - waves of buyers are contributing to one of the biggest real estate booms in Miami history. As individuals and businesses escape high tax states like New York and California, and have the freedom to work from any location, luxury condo developers in Miami are announcing new project after new project.   Miami condo developers have announced over a dozen new and relaunched condo projects since the beginning of 2021. In an attempt to appeal to a wide range of new residents, each new project aims to be taller, more luxurious, and offer the most exciting set of amenities imaginable, and could bring more than 10,000 residential units to Miami over the next few years. With the real estate market in Miami in one of its most lucrative cycles yet, here’s a look at the latest condo projects proposed in Miami since January 2021 (till the time of this post): New Miami Condo Development Projects 2021 E11even Hotel and...
Surfside vs Sunny Isles Beach: Which Miami Neighborhood is Better?
Neighborhood Comparisons Surfside vs Sunny Isles Beach: Which Miami Neighborhood is Better?
If you love coastal living with walkable access to Atlantic Ocean beaches, and you want to move to a beachfront address while bypassing the hustle and bustle of South Beach, there are two beachside communities to consider when looking to make your move: Sunny Isles Beach and Surfside.  While these communities are practically next-door neighbors (with ritzy Bal Harbour nestled between them) and they share many amenities, including direct beach access to the Atlantic. Plus, they both are in prime locations that provide quick and easy access to airports, shopping, arts and culture, and outdoor living, living there could not be more different from one another.   As insiders who’ve lived in these popular Miami neighborhoods, we’ve broken down the similarities and differences between these two beautiful seaside communities in case you are looking to move to Miami. Lifestyle: Sunny Isles Beach vs. Surfside While Sunny Isles Beach and Surfside both provide residential coastal living...
Miami Condos with Shabbat Elevators
Real Estate News Miami Condos with Shabbat Elevators
Last updated June 11, 2021. Whether you refer to it as the Sabbath, Shabbat, Shabbos, or by any other term, your religious commitment to observing a holy day of rest should not prevent you from enjoying a luxury condo lifestyle in the subtropical paradise that is Miami.  For this reason, a number of condo communities provide the convenience of a Shabbat or Sabbath elevator, which is a specially programmed elevator that stops automatically on every floor during the Jewish Sabbath, from sundown on Friday evening until sundown on Saturday of every week.  This service is provided in order to accommodate the Jewish religious law that prohibits religious observers from pushing buttons or operating machinery during the Sabbath. While Miami today is known as a particularly Jewish-friendly metropolis, Jews were not even allowed to enter Miami Beach Hotels until the late 1940s. But by the 1950s they began to lay down roots in Miami Beach and to impact the economy, politics, and social flavor...